The collapse of Sam Bankman-Fried’s cryptocurrency exchange FTX has hastened a nearly year-long crypto market freefall that has worried some nonprofits that accept crypto donations, but hasn’t stopped them from wanting to engage with emerging crypto donors.
At the start of this year, Devex wrote that 2022 could be a boom year for cryptocurrency donations, given the increasing number of nonprofits accepting crypto donations directly or through third-party organizations such as The Giving Block, which converts donations into cash for them. At the time, charitable organizations such as UNICEF said that they were stepping up their crypto donation campaigns as that form of giving became more popular with donors around the globe.
But now, it looks like the bubble may have burst.